Customs plays down trade gap with US

WASHING TON: A trade imbalance is a market phenomenon determined by the economic structure and industrial competitiveness of the countries involved, said Huang Songping, a spokesman of the General Administration of Customs, Xinhau reports.

“China’s trade surplus with the United States is not as big as it looks if we take into account factors such as statistical approaches, entrepot trade and service trade,” Huang said at a press conference. “We expect the United States to listen with patience to rational, pragmatic views on the deficit, and to suggest remedies to the imbalances to ensure long-term, steady development of economic and trade ties between the two countries.”

From January to March, trade between China and the United States grew by 13 percent in dollar-denominated terms.